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Welcome to TheMoveChannel.com Greece News Homepage, where you can keep up with all the latest Greek property news, covering a range of property investment, real estate industry and personal finance news topics. If you like our news, why not sign up to one of our newsletters or RSS feeds and read it every day!Is now the time to buy property in recession-hit Europe?
The economic catastrophe that Europe is facing
hasn't put a damper on British buyer's enthusiasm to purchase property on the
Continent.
According
to World First,
the expert on currency exchange, holiday home purchase sales in Spain have more
than doubled over the summer.
Italy, Greece and Bulgaria are also places of
interest to British buyers who are in search of a bargain. However, no matter
the location, buyers should heed to the same advice and do your research to
avoid any pitfalls.
Mortgage Funding
Due to the effects of the global banking crisis, banks are less apt to lending
money, making mortgages more difficult to obtain. Home buyers who need to
borrow money from the bank in turn have to place a larger deposit just to get a
loan from overseas banks.
The growing debt crisis has intensified in recent months, especially in Greece
and Italy and several Greek banks have stopped lending money. Overseas property
experts have said that banks are still lending mortgage funds to borrowers even
in Greece, however, a deposit of approximately 30 to 40 percent will be
required.
Banks in Spain and France are more lenient at present lending borrower's money
with only a 15 or 20 percent deposit. However, if the financial crisis takes a
turn for the worse, these figures could be tightened.
In Britain, some lenders allow homeowners to refinance their mortgage to fund
holiday home purchases abroad however it's based on the individual's criteria.
Most borrowers still need to have substantial equity in their British home even
after funds have been released in order to qualify. If you haven't got enough
equity in your UK property and are not prepared to sell a house
to raise the funds then an overseas mortgage may be the best option for most.
Watch Out for Currency Risks:
Buyers need to keep in mind that due to the turbulent economic climate, Euro
loans will present a currency risk for many British buyers if they are paid
income in sterling.
The majority of overseas mortgages are on variable rates, instead of fixed, so
it's imperative buyers are aware that their monthly repayments could go up.
Mortgage rates in Spain and France are frequently between 3 and 4 percent
variable, however the rate may fluctuate depending upon the borrower's
circumstances.
Planning Problems, Overvaluations and
Dodgy Developers:
Numerous British buyers have become unfastened over the years by falling
prey to planning restrictions and other laws that were broken unbeknownst to
them before the purchase of their dream home.
Getting an accurate property valuation is imperative and in most cases, it's
best to get a second opinion. By taking the word of the developer, you leave
yourself open to a world of problems that may arise.
If you are purchasing from a developer, do your research. Get them to include a
work history of how long they have been in business and past customer reviews.
Check out the work that they have performed and see how well it has stood the
test of time.
Language
Barriers
Latest Greece News
Greece will today make a last-ditch attempt to stave off bankruptcy, which would send the eurozone into economic chaos and could ultimately bring down the single currency.
Prices in the residential property market are expected to fall by 15 percent this year, while the decline could prove even greater if the country's financial situation worsens.
The Greek government published a list of the country's worst tax evaders on Sunday, after months of warning those same evaders to pay up or risk being named and shamed.
British overseas buyers still retain Spain as their preferred foreign hotspot for purchasing property according to A Place In The Sun's (APITS) recent exhibitions' poll.
The world's housing markets had a weak third quarter of 2011, according to the latest survey of worldwide house price indices prepared by the Global Property Guide. During the year to end Q3 2011, house prices fell in 25 countries (out of the 44 for which quarterly house price statistics are available) and rose in only 19.
GreekPropertyExchange.com, one of Greece's premier property portals, has filmed the pilot, and is set to premiere the first half hour episode of 'Hellenic Home Hunting™' (HHH) in early 2012; the reality-style TV show is aimed at foreign investors who are looking to buy property in Greece.
Patrick Summer, Head of Property Equities, Henderson Global Investors shares his outlook for global property markets in 2012.
Staff at an embassy in Spain have been recently been asked to find out the size of the Prince of Wales's feet so the caller could send him some shoes “as a present”, while in Sofia, a Briton asked if the consulate could sell his house.
German tour operator Tui has asked hotels in Greece to sign new contracts spelling out how the company will pay its bills if Greece leaves the eurozone and starts using a new currency.
European leaders have reached a "three-pronged" agreement described as vital to solve the region's huge debt crisis.
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